Trojan Storage Pays $12M for Suburban Chicago Facility
Marcus & Millichap represented the seller and procured the buyer.
Trojan Storage has acquired AAA Storage, a 72,850-rentable-square-foot facility in South Elgin, Ill. Shanahan Enterprises LLC sold the property for $11.7 million. Senior Vice President Sean Delaney of Marcus & Millichap represented the seller and procured the buyer.
The transaction included an adjacent 2.4-acre land, which will be used for the development of a three-story climate-controlled facility.
The property was completed in 1995 and encompasses eight buildings across 4.8 acres and offers 388 units ranging from 25 to 300 square feet. On-site amenities include 24-hour video surveillance, gated and drive-up access, RV and boat parking with 28 outdoor parking spots and full-service management office. At the time of the sale, 96 percent of the units were occupied.
The storage facility is located at 300 Sundown Road, 42 miles from Chicago, with access to Interstate 90. The property is one of the five self storage facilities available within a 3-mile radius, offering residents 4.4 rentable square feet per capita. Yardi Matrix data shows that there are 55 facilities in various stages of development in suburban Chicago, set to add approximately 3.3 million rentable square feet.
Earlier this year, Trojan Storage landed a $130 million loan from AIG Insurance Co. for six self storage properties located in California, Oregon and Washington, totaling 600,000 rentable square feet. Most of the facilities were situated in underpenetrated areas.